STOCK-BASED INCENTIVE COMPENSATION Stock-Based Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value of Awards

The assumptions used to compute the fair value of options for the year ended December 31, 2020 are as follows:

Expected volatility	45.7	%
Risk-free interest rate	0.53	%
Expected life of options	6.3 years
Dividend rate	—

The fair value of each award was determined using a Monte-Carlo simulation with the following weighted average assumptions:

Risk-free interest rate (1)	2.25	%
Average time to liquidity (years) (2)	2.1 years
Volatility (3)	47.00	%
Discount for lack of marketability (4)	30.00	%
Weighted-average grant-date fair value per share	$1.13
(1) Represents the US Treasury security rate for the expected time to liquidity event.
(2) Represents the period of time expected prior to liquidity event.
(3) Based on historical volatility of comparable public companies.
(4) Represents a discount taken to reflect the private nature of the investment.

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2020 is as follows:

	Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (thousands)		Weighted Average Remaining Contractual Life
Balance at December 31, 2019	644,975	$	15.36	$	2,754
Granted	204,928	$	13.34	$	471
Exercised	(266,065)	$	7.63	$	2,548
Forfeited and expired	(171,007)	$	26.36	$	88
Balance at December 31, 2020	412,831	$	14.77	$	1,320	6.7 years
Exercisable at December 31, 2020	197,735	$	16.51	$	789	4.2 years

Summary of Outstanding Options by Exercise Price Range

The following table outlines the outstanding and exercisable stock options as of December 31, 2020:

	Options Outstanding				Options Exercisable
Range of Option Exercise Price	Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Options Exercisable	Weighted Average Exercise Price
$0.00 - $8.24	9,901	$	6.52	6.1 years	9,901	$	6.52
$8.24 - $16.52	345,180	$	12.08	7.5 years	130,084	$	10.27
$16.52 - $24.76	25,500	$	22.61	2.7 years	25,500	$	22.61
$24.76 - $33.00	15,000	$	30.41	2.3 years	15,000	$	30.41
$33.00 - $41.28	—	$	—	0.0 years	—	$	—
$41.28 - $49.52	12,500	$	44.16	1.3 years	12,500	$	44.16
$49.52 - $57.76	3,500	$	56.24	2.0 years	3,500	$	56.24
$57.76 - $66.00	—	$	—	0.0 years	—	$	—
$66.00 - $74.28	1,250	$	66.52	2.6 years	1,250	$	66.52
All options	412,831				197,735

Summary of Restricted Stock Award Activity

A summary of restricted stock award activity for the year ended December 31, 2020 is as follows:

	Restricted Stock	Weighted Average Grant Date Fair Value
Balance at December 31, 2019	231,562	$	10.68
Granted	490,557	$	13.32
Vested and issued	(120,782)	$	12.15
Forfeited and expired	(51,687)	$	12.92
Balance at December 31, 2020	549,650	$	13.26